Buzz on Business: $1.3B natural gas-to-gasoline plant planned

The project would create 243 jobs with pay averaging $66,500 a year, Louisiana Economic Development officials said Tuesday. The Houston-based company will lease 200 acres at Industrial Canal, where it can ship gas by pipeline or sea, they said.

However, a final decision is waiting on more feasibility analysis. State officials said G2X Energy expects a final decision by the end of 2013. Construction would run from 2014 through early 2017, with most hiring completed by the end of 2015.

Louisiana Economic Development offered G2X Energy $5 million for port improvements, including an access road, utilities and a dock. G2X Energy also is expected to get tax exemptions for new jobs and new industry.

Rice, soybean outlook bright

Rice and soybean prices have been rising the past few years but could become more stable as farmers plant fewer crops and report less yields due to anticipated changes in the farm bill, LSU AgCenter economist Mike Salassi said. The market average is $14.50 to $15 a hundredweight for rice, while soybean prices likely peaked at $13 to $15 in December and will decline, he said.

"Rice prices look like they are holding steady and may even raise a little bit before the end of the marketing year in August."

Rice farmers are closely watching a farm bill under consideration in Congress. "Out of all of the commodities, rice is probably going to be the most negatively impacted because their payments are going to be reduced," Salassi said.